13F-HR 1 nyc361.txt FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2005 Check here if Amendment [ ]; Amendment Number: ____ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: MFP Investors LLC Address: 51 JFK Parkway 2nd Floor Short Hills, NJ 07078 13F File Number: 28-05359 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Stuart Pistol Title: Chief Financial Officer Phone: (973) 921-2210 Signature, Place, and Date of Signing: Short Hills, NJ 2/13/06 ------------------------- --------------- ------- [Signature] [City, State] Date Report Type (Check only one.): [X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s)). [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s)). FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 --- Form 13F Information Table Entry Total: 61 -- Form 13F Information Table Value Total: $ 433,586 --------- (thousands) List of Other Included Managers NONE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8 -------- -------- -------- -------- -------- -------- -------- -------- TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY NAME OF ISSUER CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE -------------- ------ ----- -------- ------- --- ---- ---------- -------- ---- ------ ----

Alleghany Corp. DEL COM 017175100 2,668 9,393 SH SOLE 9,393 American Eagle Outfitters, Inc. COM 02553E106 5,630 245,000 SH SOLE 245,000 American Elec Pwr Inc. COM 025537101 5,564 150,000 SH SOLE 150,000 American International Group, Inc. COM 026874107 18,422 270,000 SH SOLE 270,000 Andrew Corp. COM 034425108 5,258 490,000 SH SOLE 490,000 Astoria Financial Corp COM 046265104 5,292 180,000 SH SOLE 180,000 Autoliv Inc. COM 052800109 2,498 55,000 SH SOLE 55,000 Autozone Inc. COM 053332102 5,276 57,500 SH SOLE 57,500 BNCCORP Inc. COM 055936108 1,833 143,750 SH SOLE 143,750 Belden CDT Inc. COM 077454106 8,121 332,400 SH SOLE 332,400 Cablevision Systems Corp. CL A NY CABLVS 12686C109 2,347 100,000 SH SOLE 100,000 Centennial Bank Holdings Inc. COM 151345303 11,781 952,400 SH SOLE 952,400 City Investing Co. Liq Tr Unit Ben Int 177900107 40 362,600 SH SOLE 362,600 Comcast Corp. New CL A SPL 20030N200 5,138 200,000 SH SOLE 200,000 Conseco Inc. PFD B CV 5.50% 208464867 2,838 100,000 SH SOLE 100,000 Conseco Inc COM NEW 208464883 25,516 1,101,273 SH SOLE 1,101,273 Delphi Corp. COM 247126105 1,106 3,800,000 SH SOLE 3,800,000 Duckwall-Alco Stores, Inc. COM 264142100 3,669 160,656 SH SOLE 160,656 Enstar Group Inc GA COM 29358R107 6,871 103,715 SH SOLE 103,715 Farmer Bros Co. COM 307675108 5,694 294,405 SH SOLE 294,405 Florida East Coast Industries Inc. COM 340632108 16,190 382,100 SH SOLE 382,100 Foot Locker Inc. COM 344849104 2,359 100,000 SH SOLE 100,000 Franklin Bank Corp. DEL COM 352451108 11,064 615,000 SH SOLE 615,000 Goodyear Tire & Rubber Co COM 382550101 6,865 395,000 SH SOLE 395,000 Guidant Corp. COM 401698105 6,475 100,000 SH SOLE 100,000 Healthsouth Corp. COM 421924101 1,250 255,000 SH SOLE 255,000 Hearst-Argyle Television, Inc. COM 422317107 5,963 250,000 SH SOLE 250,000 Honeywell International Inc. COM 438516106 5,588 150,000 SH SOLE 150,000 Hovnanian Enterprises Inc. CL A 442487203 2,482 50,000 SH SOLE 50,000 Hudson City Bancorp COM 443683107 19,392 1,600,000 SH SOLE 1,600,000 IKON Office Solutions, Inc. COM 451713101 16,708 1,605,000 SH SOLE 1,605,000 Johnson Outdoors Inc. CL A 479167108 5,490 324,100 SH SOLE 324,100 Keweenaw Land Association Ltd. COM 493026108 1,122 7,100 SH SOLE 7,100 Knight Capital Group Inc. CL A 499005106 4,945 500,000 SH SOLE 500,000 Liberty Media Corp. New COM SER A 530718105 8,342 1,060,000 SH SOLE 1,060,000 Limited Brands, Inc. COM 532716107 6,705 300,000 SH SOLE 300,000 Lydall Inc Del COM 550819106 725 88,900 SH SOLE 88,900 MVC Capital Inc. COM 553829102 10,687 999,700 SH SOLE 999,700 Magellan Health Services, Inc. COM NEW 559079207 2,044 65,000 SH SOLE 65,000 MarkWest Hydrocarbon Inc. COM 570762104 8,804 400,000 SH SOLE 400,000 Medallion Financial Corp. COM 583928106 4,849 430,600 SH SOLE 430,600 Newkirk Realty Trust Inc. COM 651497109 1,319 85,100 SH SOLE 85,100 Northwest Bancorp Inc Pa COM 667328108 2,126 100,000 SH SOLE 100,000 Novoste Corp. COM NEW 67010C209 293 132,062 SH SOLE 132,062 Oglebay Norton Co. COM 677007205 1,901 155,213 SH SOLE 155,213 Oglebay Norton Co. PFD A CV 677007304 7,076 464,000 SH SOLE 464,000 PNC Financial Services Group Inc. COM 693475105 29,913 483,800 SH SOLE 483,800 Pfizer Inc. COM 717081103 7,812 335,000 SH SOLE 335,000 Providian Financial Corp. NOTE 2/1 74406AAB8 4,928 9,000,000 PRN SOLE 9,000,000 Prudential Bancorp Inc. PA COM 744319104 2,329 196,500 SH SOLE 196,500 Rome Bancorp Inc. New COM 77587P103 1,084 100,000 SH SOLE 100,000 Rotech Healthcare Inc. COM 778669101 3,143 187,500 SH SOLE 187,500 Saks Inc. COM 79377W108 4,670 277,000 SH SOLE 277,000 Sears Holdings Corp. COM 812350106 28,429 246,077 SH SOLE 246,077 Sovereign Bancorp, Inc. COM 845905108 3,892 180,000 SH SOLE 180,000 Tarragon Corp. COM 876287103 2,190 106,200 SH SOLE 106,200 TYCO International Ltd. New COM 902124106 28,860 1,000,000 SH SOLE 1,000,000 USA Mobility, Inc. COM 90341G103 9,673 348,954 SH SOLE 348,954 United Indl Corp. COM 910671106 8,274 200,000 SH SOLE 200,000 Walter Inds Inc. COM 93317Q105 10,024 201,600 SH SOLE 201,600 Warwick Valley Tel Co COM 936750108 2,039 106,800 SH SOLE 106,800